Goldstein On Gelt

If you are an American living in another country, it’s important to understand your US pension plan. This guide will help you know how to manage your pension or 401(k) from abroad, whether you are in Israel, Europe, or anywhere else. Perhaps you worked in the U.S. and saved money in a 403(b), 401(k), or other type of pension plan. Now, you live in a different country and you’re finding it difficult to manage your retirement account. One possible solution is to move your pension plan into an IRA. Moving your pension plan into an IRA may allow you to control your money better, letting you choose different ways to invest, like in stocks or funds. Moreover, there are practical challenges, too. Sometimes, dealing with pension companies from another country can be hard, and you might not get much help. Furthermore, it’s tricky when advisors in your new country don’t know much about U.S. pensions. Bad advice can lead to big tax problems and loss of money. You need an expert who knows about U.S. pensions

Financial planning is always important, but it’s especially crucial when health issues arise. A well-built plan allows you and your family to focus on health and family connections, without worrying about the day-after. How can you make sure you are setting yourself up for a smooth transition of wealth to your family? Tune in and learn about the nuances of managing shared accounts, the pros and cons of transferring control to family members, and the critical role of clear communication in preserving both wealth and relationships.  Some key insights: Learn how to effectively shift financial authority to a trusted individual within the family, balancing legal necessities with personal dynamics. Learn about the importance of transparent discussions about financial matters with family members, especially in light of health changes. Discover some of the tools available, such as powers of attorney and trusts, that allow your wishes be followed. Professional advice from financial and legal advisors is crucial in c

Are You Overlooking the Importance of a Financial Plan? When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances. When sitting down with a Certified Financial Planner™ practitioner (CFP®) who is dedicated to understanding your unique financial situation, and guiding you through the complexities of investing, you are setting yourself up for success.  Building a comprehensive financial plan and working with a professional team (financial planner, accountant, and lawyer) can lead you to financial well-being.  A few points to consider: 1. Importance of a Financial Planner: Many individuals often focus solely on their investment portfolios without considering the broader financial pi

Family pressure can be overwhelming when it comes to finances.  Learn how to handle those pressures correctly, allowing you to build a financial portfolio that suits you perfectly. Here are some key points discussed in the show: 1. Understand your investments: If you find yourself investing in products you don’t fully understand, seek advice from a qualified third party, such as a financial planner. 2. Address family pressures: In the face of conflicting advice from family members, it’s crucial to have an unbiased third party on your side.  3. Simplify your investments: Following the KISS principle (Keep It Simple, Stupid), opt for straightforward and understandable investments.  4. Regularly review and consolidate your investments: Consolidating and regularly reviewing your investments can bring clarity and empower you to take charge of your portfolio.  If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

Are you considering investing in real estate? Or perhaps you already have real estate investments in your portfolio? If so, it's crucial to understand the potential risks and challenges that can arise. The following stories of two individuals who encountered unexpected scenarios with their real estate investments provide valuable insights and lessons for anyone navigating the world of real estate. The first case revolves around a client who initially appeared to be a successful real estate investor. He exuded confidence in his portfolio, claiming lucrative real estate deals and assured cash flow from his properties. However, as time unfolded, the reality did not match his optimistic projections. Unforeseen circumstances such as the impact of external factors, including the COVID-19 pandemic, led to a drastic reduction in the expected income from his real estate investments. One of the crucial insights gleaned from this story is the significant impact of underestimating risk and overestimating return

Financial planners frequently meet with folks who want to invest for growth. After all, who doesn’t want to see their portfolio grow? But, growth also means capital gains tax. Are there any investments that encourage portfolio growth but have limited tax liability? On today’s show, Doug answers a listener question about investing for growth. “Jeff” asks if there are investments that encourage portfolio growth, but have little tax liability. While an investment advisor, and not a tax advisor, Doug answers several aspects of the question: Are there conservative investments that offer reasonable growth? What are the common mistakes people make when investing for growth? What is the best way to minimize tax on your investment? One way to invest for growth is through a SMA – a Separately Managed Account. Watch a short clip on What is a SMA - Separately Managed Account. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning B

Tips for Managing Your Finances During Divorce for a Smooth Transition Divorce can be a daunting and emotional journey, one that is fraught with legal, emotional, and financial challenges. In this post, we'll explore key takeaways Douglas Goldstein discussed on The Goldstein on Gelt Show and delve deeper into essential financial considerations when navigating divorce. Seeking Professional Assistance One of the most critical pieces of advice is to seek professional help when dealing with divorce-related financial matters. Consulting with an experienced lawyer is essential to navigate the legal complexities inherent in divorce proceedings. Additionally, engaging the expertise of a financial advisor is invaluable in assessing the impact of divorce on long-term financial planning. Understanding Expenses and Budgeting Many individuals are often unaware of the actual amount they spend every month. It's crucial to have a clear understanding of your expenses, including routine spending and potential f

Behavioral finance is a critical area that merges psychology with finance to understand why people make irrational financial decisions. It’s important to note that people’s emotions, cognitive errors, and biases often drive these decisions, leading to poor investment choices. Being happy while dealing with investments is crucial. Let’s examine some of the psychological aspects of investing and how they can be managed to create a better and less stressful investment experience. Psychological Aspects of Investing Analysis Paralysis Analysis paralysis is a common issue many investors face. With countless investment options available, individuals can become overwhelmed, and as a result, they may not make any investment decisions at all. This can lead to missed opportunities and unproductive financial stagnation. Fear of Missing Out The fear of missing out (FOMO) is another psychological challenge that investors often grapple with. This fear, driven by the desire to replicate others’ fina

Doug delves into the topic of retirement planning and financial considerations for Americans moving to Israel. He shares insights on the practical aspects of living in Israel and the financial implications of the move. Retirement is often depicted as a time of relaxation, but as Doug reveals, many retirees find themselves busier than ever, having the time of their lives. For those contemplating a move to Israel, it's essential to have a well-thought-out plan, especially in terms of financial preparedness. To do this, it’s crucial to seek professional guidance to help you navigate the complexities of cross-border financial matters and estate planning. What should you do now? 1. If you have questions about financial planning and moving to Israel, reach out to a financial professional with expertise in cross-border financial matters. 2. Sign up for both the Goldstein on Gelt and the Profile Investments email lists to receive valuable insights and updates on retirement planning, financial considerat

Are you approaching the age of 73 or have inherited an IRA account? If so, understanding Required Minimum Distributions (RMDs) from IRAs is crucial. In a recent episode of The Goldstein On Gelt Show, Douglas Goldstein discussed RMDs in detail and answered a listener letter regarding RMDs for inherited IRAs. Here's a summary of the key points to help you navigate RMDs and avoid potential penalties. What Are RMDs? RMDs are the IRS's way of ensuring that the funds in your IRA, which have grown tax-deferred over the years, are eventually taxed. Once you reach the age of 73, the IRS mandates that you withdraw a certain amount from your traditional IRA each year. This amount is determined by a formula based on your age and the total value of your IRA at the end of the preceding year. Inherited IRAs and RMDs If you have inherited an IRA from a someone, you might also be subject to RMDs. In the case of an inherited IRA, the IRS requires beneficiaries to withdraw the entire amount within a specific timef

In "The Journey to Expatriation," we delve into the complex world of expatriation, featuring the real-life journey of a couple navigating the process of giving up U.S. citizenship. Join Doug as he uncovers the emotional, legal, and financial considerations behind this significant decision. Discover how this life-altering choice impacts estate planning, tax implications, and even charitable giving from an IRA. If you've ever wondered about the intricacies of expatriation, this episode is a must-listen. Tune in to gain valuable insights and hear firsthand experiences on this compelling journey. Reach out to Doug Goldstein at Profile Financial for more personalized advice, and make sure to give a

Taking Control of Your Finances or Partnering Up With Experts? A Critical Decision for U.S. Expats Living in Israel! Are you a DIY investor? Curious about the benefits of working with a financial advisor? Join Doug as he discusses the pros and cons of managing your own portfolio versus seeking professional guidance. Discover the importance of expertise, personalized strategies, portfolio diversification, and ongoing support from a financial advisor. Find out why more DIYers are turning to advisors for financial stability and explore how you can make informed investment decisions. If you're considering working with a cross-border financial professional, this episode is a must-watch! Enjoyed learning from this post? Don't forget to share it! Reach out to Doug Goldstein at Profile Financial for more personalized advice, and make sure to give a

Yosefa Uber, an expert accountant specializing in American taxes for residents of Israel, sits down with Doug to go over:  Qualified Charitable Distributions (QCDs) allow you to donate money from your IRA directly to charity tax-free instead of taking required minimum distributions  To qualify, the money must go directly from your IRA to the 501(c)(3) charity - You can donate up to $100,000 per year per individual this way  Benefits: Helps you meet your required minimum distribution without paying tax, allows you to donate to charity tax-free  Eligibility: You must be over age 70.5 when making the donation  Keep receipts as documentation even though the distribution doesn't show up as taxable income  Consider connecting your investment advisor and accountant so they can coordinate advice  Resources:  Interview guest Yosef Huber provides US tax services for Americans in Israel (hubertaxcpa.com) If you’re not already receiving updates on new episodes, sign up now, and as a special bonus

Doug discusses what it means to be a good steward of family wealth and how to pass on your financial legacy to future generations. He provides advice for teaching children financial responsibility from a young age and bringing adult children into important financial discussions. Key points: The importance of passing on not just money, but also financial values and responsibility to heirs Pitfalls of relying solely on professional trustees to manage family money long-term  Even a perfect trust document can't guarantee your wishes will be fulfilled long-term You must focus on teaching your heirs financial responsibility while you're still around  Share information about your finances with grown children and bring them to meetings  Getting kids involved with earning, saving, and giving at a young age  Helping adult children pursue their goals without fully supporting them  Utilizing specialized help like lawyers and financial advisors Listen and share now!

  Are you an American living abroad, specifically in Israel, facing difficulties with US brokerage firms terminating your accounts? Join Doug Goldstein, licensed in both the US and Israel, as he sheds light on this ongoing issue and provides expert advice. Discover why compliance with international regulations poses challenges for these firms, leading to account closures. But fret not! Goldstein recommends specialized companies like Profile Investments to help address your financial needs. Stay tuned for more fascinating discussions on the Goldstein on Gelt Show and don't forget to leave a positive review, like, and share with your fellow expats globally. Let's navigate through these challenges together!

Doug discusses the myth that it is illegal for people who move to Israel or inherit money from the U.S. to keep their investments in American accounts. He explains why this myth exists and how it can actually be beneficial to maintain U.S. investments after making Aliyah or receiving an inheritance. A few key points: It is absolutely legal for Israelis to keep money and investments in U.S. accounts like brokerage, bank, IRA, etc. Some big U.S. firms ask Israeli clients to leave due to bureaucracy and compliance issues, not because it's illegal Keeping U.S. investments can be beneficial for language, tax, and investment reasons There are procedures to transfer U.S. inheritance and IRA accounts to Israeli residents. May require extra steps Work with a cross-border financial advisor who understands both U.S. and Israeli systems If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.

Financial advisors and investment professionals, As we bid goodbye to 2023, let's take a moment to reflect on the state of our portfolios and plan for the new financial year.

Living in Israel with U.S. investment accounts? Be careful when transferring money overseas! In this insightful recording, Doug Goldstein, CFP®, GFP®, founder of Profile Investment Services, Ltd., unveils essential tips and best practices for successful cross-border investing. From working with reputable financial institutions to maintaining meticulous records, he shares expert advice on navigating the complexities of transferring money overseas. Key pointers from the show: Make sure to report all of your foreign financial accounts to the IRS. Violations may lead to severe penalties. Choose reputable financial institutions to work with when transferring money to ensure compliance and avoid potential issues. Be transparent with the IRS and report all financial transactions accurately. Avoid using checks or traveler’s checks. The preferred method of money transfer is wire, this lowers the risk of raising red flags with the IRS. Document all your transactions to ensure a clear financial reco

In the world of investing, it's not just about the highs but managing the lows, especially when approaching retirement. Here's why discussing sequence of returns risk is crucial: -

The biggest mistake many investors make is focusing solely on returns without considering why they are investing in the first place. In this insightful recording, Doug shares valuable insights on the importance of understanding the ‘why’ behind your investments. By identifying your financial goals and motivations, you can align your investment strategy to achieve meaningful results. Discover how purpose-driven investing can: Foster family connections Support charitable causes Leave a lasting legacy Doug also delves into the benefits of solving financial problems today, rather than leaving them for future generations. Tune in to this empowering discussion and design your investment portfolio to reflect your personal goals and beliefs. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.